Fully transparent betting contracts have long been a point of contention in the gaming industry, in terms of creating an alliance between player and casino. FunFair Technologies is confident their innovative blockchain technology will usher in a new a new era of established trust and openness in the gaming industry, eliminating the need for troublesome go-betweens.
FunFair Technologies is an Ethereum-based, decentralised casino technology that combines the openness of the internet with the security endemic to blockchain.
Their newly built state channel technology called Fate Channels is revolutionising the way the industry works, by allowing for games to work in a way that is fun, fast, and more importantly, fair. As is evident from a poll conducted by the UK Gambling Commission – a very small percentage (33%) of players actually trust that casinos and the games they play are fair. Even if games are actually fair, players don’t always think they are. This negative perception of unscrupulous gaming is something FunFair seeks to tackle by providing maximum transparency.
Fair Play by Jez San, CEO, FunFair Technologies
What blockchain brings to the table is technology that has far-reaching potential to change the way gaming operates, making games that are not just fair, but demonstrably transparent. Put simply, trust is no longer built on the flimsy foundations of good faith, but on evidence-based proof. Both player and casino can see, in real-time, the roll of the dice and the random generator, which is seeded by both the player and the operator – something no existing online casino can currently do.
Taking this technology a step further; the innovation of smart contracts has enabled casino games to be built on the blockchain too, so that their execution is provably and visibly fair. Ethereum is, by far, the leading blockchain and the only one that supports the current technology. Using Ethereum, we are one of the first applications of smart contracts to utilise such a highly-used product.
However, running games directly on the blockchain throws a spoke in an otherwise well-oiled wheel, resulting in a pace too sluggish to be enjoyable. A core benefit to our Fate Channel technology is that more or less anything you can do in the smart contracts - can be done off chain. The solution therefore is simple: the entire game can be run this way in real-time, appeasing players looking for fast, smooth entertainment.
Because fairness is more than just what is in the smart contract, we have a white-listing system where game developers create games and submit them to us to be examined for fairness – fairness is not only the code, but how they appear visually - how they depict the game. Eventually, this will be deferred to an official white listing authority.
Judge and Jury
Previously, casinos used incumbent technology, with games running on private servers. What they did was not discernible to the public and in many cases not visible to the auditors in real time. By embracing blockchain technology, there is no need to have remote gaming servers which means casinos are able to operate with lower costs making their business much more profitable.
Our adherence to a Commit Reveal Scheme means the games themselves are in pre-published smart contracts, which can be audited and reviewed by experts. Pre-publishing the smart contracts on chain is more transparent and significantly less costly when it comes to disputes. Both players and regulators have access to a fully transparent game - eliminating any doubt that the games could be unfair.
The robust nature of our technology is such that it can both detect and resolve disputes. Questionable activity can be eliminated, using the blockchain as a neutral judge and jury. If either side flags suspicious activity, the blockchain is able to come back with a final decision, punishing the cheater in a way that damages their reputation and that is financially disincentivising.
In addition to this, Fate Channels also compute and settle payments in real time, separating out payments to game developers for their revenue share as well as to the casino operator and affiliates responsible for player traffic in the state channel, ensuring all participants in the ecosystem benefit from fair and immediate pay.
This system of transparency also means that players can do away with depositing their money into the casinos custody and awkward requests for withdrawal or refunds can be avoided. Players are able to play the games directly from their own wallets, retaining control over their money at all time. Trust is no longer a two way street between casino and player, but a guaranteed assurance.
Fate channels have established a system that provides the best of both worlds, using the blockchain for what its good at: fairness and transparency. By applying our technology we’re able to run at full speed and still tie into the blockchain, making our name ring true: fun and fair. It’s clear, then, if we want to pursue a more ethical and transparent future for the gaming industry, this technology is where the future lies.
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